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Canadian GDP Numbers beat Expectations; Chinese Manufacturing Data creates Rally in Metals
Published August 31, 2017
Data for month-on-month Canadian GDP showed that Canada’s economy grew by 0.3% versus expectations of 0.1%; USD/CAD fell to the mid 1.2500’s as the Canadian economy expanded at an annualized rate of 4.5%, beating expectations of 3.7%
US jobless claims rose by 1,000 in the previous week, coming under expectations of greater claims; US personal spending and personal income came in near expectations while investors look to tomorrow’s data on new US jobs and unemployment percentages
Global stocks continued their recovery this morning as positive US job numbers and upbeat Chinese manufacturing data provided optimism to investors; European shares pushed higher while US stocks benefited as well
Industrial metals (copper, nickel, lead) experienced massive gains after China posted an unexpected amount of growth in their manufacturing sector; China’s Purchasing Managers’ Index rose to 51.7, defying expectations of a marginal decline
Gasoline prices continue to rise, jumping as much as 7% yesterday in the wake of Tropical Storm Harvey; flooding from the storm stopped almost a quarter of US refinery production